Sterling
Capital
Total
Return
Bond
Fund
1
Schedule
of
Portfolio
Investments
June
30,
2024
(Unaudited)
See
accompanying
Notes
to
the
Schedule
of
Portfolio
Investments.
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
9.7%
$
5,625,000
ARI
Fleet
Lease
Trust,
Series
2023-B,
Class
A3,
5.890%,
7/15/32(a)
........
$
5,718,532
1,403,000
Avis
Budget
Rental
Car
Funding
AESOP,
LLC,
Series
2020-2A,
Class
A,
2.020%,
2/20/27(a)
.....................
1,331,873
6,250,000
Avis
Budget
Rental
Car
Funding
AESOP,
LLC,
Series
2021-1A,
Class
A,
1.380%,
8/20/27(a)
.....................
5,770,283
4,543,000
Avis
Budget
Rental
Car
Funding
AESOP,
LLC,
Series
2023-8A,
Class
A,
6.020%,
2/20/30(a)
.....................
4,655,824
3,127,000
Avis
Budget
Rental
Car
Funding
AESOP,
LLC,
Series
2024-1A,
Class
A,
5.360%,
6/20/30(a)
.....................
3,113,994
5,730,000
CarMax
Auto
Owner
Trust,
Series
2023-4,
Class
A4,
5.960%,
5/15/29
..........
5,864,183
8,720,000
Carvana
Auto
Receivables
Trust,
Series
2021-P2,
Class
B,
1.270%,
3/10/27
....
8,115,660
4,791,000
Citibank
Credit
Card
Issuance
Trust,
Series
2007-A3,
Class
A3,
6.150%,
6/15/39
..
5,130,037
284
Citicorp
Residential
Mortgage
Trust,
STEP,
Series
2007-2,
Class
A6,
4.543%,
6/25/37
.......................
282
7,000,000
Enterprise
Fleet
Financing,
LLC,
Series
2022-1,
Class
A3,
3.270%,
1/20/28(a)
..
6,818,092
7,101,000
Enterprise
Fleet
Financing,
LLC,
Series
2023-1,
Class
A3,
5.420%,
10/22/29(a)
.
7,097,032
11,959,000
Ford
Credit
Auto
Owner
Trust,
Series
2021-2,
Class
A,
1.530%,
5/15/34(a)
...
10,984,697
6,000,000
GM
Financial
Revolving
Receivables
Trust,
Series
2021-1,
Class
A,
1.170%,
6/12/34(a)
.....................
5,499,435
15,735,000
Hertz
Vehicle
Financing
III
L.P.,
Series
2021-2A,
Class
A,
1.680%,
12/27/27(a)
14,360,936
7,000,000
Hertz
Vehicle
Financing,
LLC,
Series
2022-2A,
Class
A,
2.330%,
6/26/28(a)
.
6,420,082
327,505
New
Century
Home
Equity
Loan
Trust,
Series
2003-4,
Class
M1,
6.585%,
(TSFR1M
plus
1.24%),
10/25/33(b)
...
324,691
13,050,000
OneMain
Direct
Auto
Receivables
Trust,
Series
2023-1A,
Class
A,
5.410%,
11/14/29(a)
.....................
13,035,561
20,805,000
OneMain
Financial
Issuance
Trust,
Series
2021-1A,
Class
A1,
1.550%,
6/16/36(a)
18,925,559
3,950,000
OneMain
Financial
Issuance
Trust,
Series
2022-S1,
Class
A,
4.130%,
5/14/35(a)
..
3,864,842
35,857
RAAC
Trust,
STEP,
Series
2004-SP1,
Class
AI3,
6.118%,
3/25/34
.............
34,993
1,529,959
Saxon
Asset
Securities
Trust,
Series
2004-
3,
Class
M1,
6.360%,
(TSFR1M
plus
1.01%),
12/26/34(c)
..............
1,465,297
5,037,000
SBA
Tower
Trust,
Series
2014-2A,
Class
C,
3.869%,
10/15/49(a)
..............
5,004,425
Principal
Amount
Fair
Value
ASSET
BACKED
SECURITIES
—
(continued)
$
8,614,000
Verizon
Master
Trust,
Series
2024-3,
Class
A1A,
5.340%,
4/22/30
.............
$
8,690,442
Total
Asset
Backed
Securities
(Cost
$148,894,314)
..............
142,226,752
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
3.2%
15,308
Adjustable
Rate
Mortgage
Trust,
Series
2004-5,
Class
4A1,
5.031%,
4/25/35(d)
.
15,175
9,080
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2004-NCM2,
Class
3CB2,
6.500%,
8/25/19(b)
.....................
9,026
40,710
Countrywide
Home
Loan
Mortgage
Pass-
Through
Trust,
Series
2004-3,
Class
A4,
5.750%,
4/25/34
.................
38,577
60,479
Credit
Suisse
First
Boston
Mortgage-
Backed
Pass-Through
Certificates,
Series
2004-1,
Class
2A1,
6.500%,
2/25/34
...
59,811
576,270
Fannie
Mae,
Series
2011-38,
Class
D,
4.500%,
5/25/41(b)
...............
564,600
836,582
Fannie
Mae,
Series
2013-16,
Class
A,
1.750%,
1/25/40
.................
814,775
891,000
Fannie
Mae,
Series
2013-70,
Class
CY,
3.500%,
7/25/43
.................
755,810
375,698
Fannie
Mae,
Series
2014-39,
Class
VP,
3.000%,
8/25/27
.................
372,212
126,939
Fannie
Mae,
Series
2017-64,
Class
PD,
2.500%,
7/25/47
.................
108,985
206,929
Freddie
Mac,
Series
3632,
Class
PK,
5.000%,
2/15/40
.................
206,148
730,000
Freddie
Mac,
Series
3762,
Class
LN,
4.000%,
11/15/40
................
674,826
208,543
Freddie
Mac,
Series
4077,
Class
PJ,
3.500%,
11/15/40
................
205,292
1,387,470
Freddie
Mac,
Series
4100,
Class
PA,
3.000%,
1/15/42
.................
1,297,684
6,956,976
Freddie
Mac,
Series
4112,
Class
PB,
4.000%,
9/15/42
.................
6,398,207
507,000
Freddie
Mac,
Series
4120,
Class
YK,
2.000%,
10/15/32
................
409,571
441,023
Freddie
Mac,
Series
4136,
Class
HZ,
3.500%,
11/15/27
................
425,338
324,000
Freddie
Mac,
Series
4160,
Class
HH,
2.500%,
12/15/32
................
293,966
295,062
Freddie
Mac,
Series
4328,
Class
KD,
3.000%,
8/15/43
.................
277,547
1,304,146
Freddie
Mac,
Series
4427,
Class
KA,
2.250%,
7/15/44
.................
1,186,217
139,407
Freddie
Mac,
Series
4710,
Class
GA,
3.000%,
3/15/44
.................
136,764
9,772,909
Freddie
Mac,
Series
5300,
Class
AB,
5.500%,
1/25/49
.................
9,765,085
120,884
Ginnie
Mae,
Series
2008-51,
Class
PG,
5.000%,
6/20/38
.................
120,274
2,638,354
Ginnie
Mae,
Series
2014-2,
Class
AG,
2.287%,
3/20/40(d)
...............
2,272,245
Sterling
Capital
Total
Return
Bond
Fund
2
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
(continued)
$
8,776,332
Ginnie
Mae,
Series
2023-132,
Class
DV,
6.000%,
7/20/34
.................
$
8,947,969
11,282,216
Ginnie
Mae,
Series
2023-154,
Class
GA,
6.000%,
4/20/50
.................
11,452,111
Total
Collateralized
Mortgage
Obligations
(Cost
$47,381,185)
...............
46,808,215
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
13.2%
1,796,000
BANK5,
Series
2023-5YR3,
Class
AS,
7.559%,
9/15/56(d)
...............
1,904,685
9,898,000
BANK5
Trust,
Series
2024-5YR6,
Class
A3,
6.225%,
5/15/57
..............
10,230,807
9,377,000
BANK5
Trust,
Series
2024-5YR6,
Class
AS,
6.790%,
5/15/57(d)
............
9,772,312
2,940,000
BBCMS
Mortgage
Trust,
Series
2024-
5C25,
Class
A3,
5.946%,
3/15/57
.....
3,013,574
2,002,000
BBCMS
Mortgage
Trust,
Series
2024-
5C25,
Class
AS,
6.358%,
3/15/57(d)
...
2,050,675
3,398,000
BBCMS
Mortgage
Trust,
Series
2024-C26,
Class
A5,
5.829%,
5/15/57
..........
3,543,950
3,049,000
BBCMS
Mortgage
Trust,
Series
2024-C26,
Class
AS,
6.094%,
5/15/57(d)
.......
3,161,241
3,127,000
Benchmark
Mortgage
Trust,
Series
2023-
V2,
Class
AS,
6.537%,
5/15/55(d)
....
3,203,046
8,434,000
Benchmark
Mortgage
Trust,
Series
2024-
V5,
Class
A3,
5.805%,
1/10/57
.......
8,571,860
1,396,000
Benchmark
Mortgage
Trust,
Series
2024-
V6,
Class
A3,
5.926%,
3/15/29
.......
1,426,815
5,293,000
Benchmark
Mortgage
Trust,
Series
2024-
V6,
Class
AS,
6.384%,
3/15/29
......
5,433,869
8,156,000
Benchmark
Mortgage
Trust,
Series
2024-
V7,
Class
A3,
6.228%,
5/15/56(d)
....
8,426,189
6,548,000
Benchmark
Mortgage
Trust,
Series
2024-
V7,
Class
AS,
6.533%,
5/15/56(d)
....
6,770,594
7,717,000
BMO
Mortgage
Trust,
Series
2024-C9,
Class
A5,
5.759%,
7/15/57(e)
........
7,948,479
6,115,000
BMO
Mortgage
Trust,
Series
2024-C9,
Class
AS,
6.127%,
7/15/57(d)(e)
.....
6,298,438
3,222,843
BX
Commercial
Mortgage
Trust,
Series
2021-ACNT,
Class
C,
6.943%,
(TSFR1M
plus
1.61%),
11/15/38(a)(c)
.
3,176,539
2,972,000
BX
Commercial
Mortgage
Trust,
Series
2021-CIP,
Class
B,
6.714%,
(TSFR1M
plus
1.39%),
12/15/38(a)(c)
.........
2,933,012
3,106,909
BX
Trust,
Series
2021-RISE,
Class
C,
6.893%,
(TSFR1M
plus
1.56%),
11/15/36(a)(c)
...................
3,049,626
4,314,000
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
3.526%,
11/10/49(d)
.......
4,023,674
530,000
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.631%,
2/10/50
..........
491,643
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
$
3,447,000
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C7,
Class
A3,
3.839%,
12/10/54
.......................
$
3,284,272
1,337,000
Citigroup
Commercial
Mortgage
Trust,
Series
2017-P7,
Class
A4,
3.712%,
4/14/50
.......................
1,256,871
1,643,000
COMM
Mortgage
Trust,
Series
2014-
CR20,
Class
A4,
3.590%,
11/10/47
....
1,632,015
1,070,000
COMM
Mortgage
Trust,
Series
2014-
UBS4,
Class
A5,
3.694%,
8/10/47
....
1,067,491
7,241,000
COMM
Mortgage
Trust,
Series
2017-
COR2,
Class
A3,
3.510%,
9/10/50
....
6,777,817
1,337,000
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C4,
Class
A4,
3.808%,
11/15/48
..
1,300,850
3,080,414
ELP
Commercial
Mortgage
Trust,
Series
2021-ELP,
Class
C,
6.763%,
(TSFR1M
plus
1.43%),
11/15/38(a)(c)
.........
3,038,199
2,898,894
Fannie
Mae-Aces,
Series
2017-M8,
Class
A2,
3.061%,
5/25/27(d)
............
2,759,418
1,833,733
Fannie
Mae-Aces,
Series
2019-M9,
Class
A2,
2.937%,
6/25/29
..............
1,694,599
3,386,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
Series
K153,
Class
A3,
3.117%,
10/25/31(d)
...........
3,043,729
8,536,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates,
Series
K155,
Class
A3,
3.750%,
4/25/33
..............
7,872,657
4,507,788
FRESB
Mortgage
Trust,
Series
2018-SB52,
Class
A10F,
3.480%,
6/25/28(d)
......
4,270,572
150,436
GS
Mortgage
Securities
Trust,
Series
2010-
C1,
Class
B,
5.148%,
8/10/43(a)
......
150,180
2,042,336
GS
Mortgage
Securities
Trust,
Series
2014-
GC24,
Class
A5,
3.931%,
9/10/47
....
2,034,060
2,209,000
GS
Mortgage
Securities
Trust,
Series
2016-
GS4,
Class
A4,
3.442%,
11/10/49(d)
...
2,098,011
1,565,360
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2011-C3,
Class
B,
5.013%,
2/15/46(a)(d)
...........
1,465,166
1,517,000
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-JP4,
Class
A4,
3.648%,
12/15/49(d)
...........
1,433,126
3,742,000
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP5,
Class
A5,
3.723%,
3/15/50
.................
3,556,373
3,343,454
Med
Trust,
Series
2021-MDLN,
Class
C,
7.243%,
(TSFR1M
plus
1.91%),
11/15/38(a)(c)
...................
3,342,403
346,892
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C18,
Class
A4,
3.923%,
10/15/47
................
345,135
5,198,000
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2016-C32,
Class
A4,
3.720%,
12/15/49
................
4,972,439
Sterling
Capital
Total
Return
Bond
Fund
3
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
(continued)
$
2,562,000
Morgan
Stanley
Capital
I
Trust,
Series
2016-BNK2,
Class
A4,
3.049%,
11/15/49
.......................
$
2,383,030
9,850,000
Morgan
Stanley
Capital
I
Trust,
Series
2018-H3,
Class
A5,
4.177%,
7/15/51
..
9,365,319
8,910,000
Morgan
Stanley
Capital
I,
Inc.,
Series
2017-HR2,
Class
A4,
3.587%,
12/15/50
8,367,107
4,830,150
OPG
Trust,
Series
2021-PORT,
Class
C,
6.275%,
(TSFR1M
plus
0.95%),
10/15/36(a)(c)
...................
4,741,094
2,631,955
SMR
Mortgage
Trust,
Series
2022-IND,
Class
A,
6.979%,
(TSFR1M
plus
1.65%),
2/15/39(a)(c)
...................
2,567,263
2,812,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-P2,
Class
A4,
3.809%,
12/15/48
.......................
2,736,194
723,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-C37,
Class
A5,
3.794%,
12/15/49
.......................
692,602
8,591,000
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2017-C40,
Class
A4,
3.581%,
10/15/50
.......................
8,105,585
899,000
WFRBS
Commercial
Mortgage
Trust,
Series
2014-C23,
Class
A5,
3.917%,
10/15/57
.......................
888,714
Total
Commercial
Mortgage-Backed
Securities
(Cost
$200,088,922)
..............
192,673,319
CORPORATE
BONDS
—
29.2%
Aerospace
&
Defense
—
1.0%
2,729,000
BAE
Systems
PLC,
5.300%,
3/26/34(a)
..
2,709,509
3,703,000
Boeing
Co.
(The),
5.705%,
5/1/40
......
3,425,009
1,667,000
Boeing
Co.
(The),
6.298%,
5/1/29(a)
....
1,691,458
2,684,000
L3Harris
Technologies,
Inc.,
5.400%,
7/31/33
.......................
2,680,761
1,903,000
Lockheed
Martin
Corp.,
4.450%,
5/15/28
.
1,875,034
2,961,000
RTX
Corp.,
4.500%,
6/1/42
...........
2,574,585
14,956,356
Automobiles
—
0.5%
1,149,000
Ford
Motor
Co.,
6.100%,
8/19/32
......
1,149,415
3,213,000
General
Motors
Financial
Co.,
Inc.,
5.850%,
4/6/30
..................
3,254,226
3,388,000
Mercedes-Benz
Finance
North
America,
LLC,
5.050%,
8/3/33(a)
............
3,342,731
7,746,372
Banks
—
4.5%
4,961,000
Bank
of
America
Corp.,
3.419%,
(TSFR3M
plus
1.30%),
12/20/28(f)
...........
4,665,439
4,748,000
Bank
of
America
Corp.,
5.288%,
(SOFR
plus
1.91%),
4/25/34(f)
............
4,703,900
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Banks
—
(continued)
$
2,716,000
Citizens
Financial
Group,
Inc.,
5.841%,
(SOFR
plus
2.01%),
1/23/30(f)
......
$
2,708,691
1,867,000
Comerica,
Inc.,
5.982%,
(SOFR
plus
2.16%),
1/30/30(f)
...............
1,840,671
2,864,000
Fifth
Third
Bancorp,
4.055%,
(SOFR
plus
1.36%),
4/25/28(f)
...............
2,745,860
1,210,000
Fifth
Third
Bancorp,
4.337%,
(SOFR
plus
1.66%),
4/25/33(f)
...............
1,104,421
4,266,000
First
Citizens
BancShares,
Inc.,
3.375%,
(TSFR3M
plus
2.47%),
3/15/30(f)
....
4,084,178
3,382,000
Huntington
Bancshares,
Inc.,
6.208%,
(SOFR
plus
2.02%),
8/21/29(f)
......
3,454,613
4,698,000
JPMorgan
Chase
&
Co.,
5.012%,
(SOFR
plus
1.31%),
1/23/30(f)
............
4,664,833
2,335,000
KeyCorp,
MTN,
2.550%,
10/1/29
......
1,980,368
3,730,000
Lloyds
Banking
Group
PLC,
4.582%,
12/10/25
.......................
3,661,952
3,659,000
Macquarie
Group,
Ltd.,
1.340%,
(SOFR
plus
1.07%),
1/12/27(a)(f)
..........
3,424,869
3,357,000
Morgan
Stanley,
MTN,
5.250%,
(SOFR
plus
1.87%),
4/21/34(f)
............
3,310,981
3,419,000
PNC
Financial
Services
Group,
Inc.
(The),
5.068%,
(SOFR
plus
1.93%),
1/24/34(f)
3,309,273
4,192,000
Sumitomo
Mitsui
Financial
Group,
Inc.,
2.130%,
7/8/30
..................
3,507,155
4,064,000
Toronto-Dominion
Bank
(The),
3.625%,
(5
yr.
Swap
Semi
30/360
USD
plus
2.21%),
9/15/31(d)
.....................
3,869,043
1,760,000
U.S.
Bancorp,
5.850%,
(SOFR
plus
2.09%),
10/21/33(f)
...............
1,790,594
6,004,000
Wells
Fargo
&
Co.,
5.389%,
(SOFR
plus
2.02%),
4/24/34(f)
...............
5,946,865
2,893,000
Wells
Fargo
&
Co.,
MTN,
4.808%,
(SOFR
plus
1.98%),
7/25/28(f)
............
2,853,455
2,552,000
Westpac
Banking
Corp.,
GMTN,
4.322%,
(USISOA05
plus
2.24%),
11/23/31(d)
..
2,463,376
66,090,537
Beverages
—
0.3%
2,144,000
Anheuser-Busch
InBev
Finance,
Inc.,
4.900%,
2/1/46
..................
1,970,859
2,641,000
Bacardi,
Ltd./Bacardi-Martini
BV,
5.400%,
6/15/33(a)
.....................
2,579,139
4,549,998
Chemicals
—
0.2%
2,867,000
LYB
International
Finance
III,
LLC,
5.500%,
3/1/34
..................
2,838,774
Construction
Materials
—
0.4%
3,274,000
CRH
America
Finance,
Inc.,
5.400%,
5/21/34
.......................
3,250,662
2,321,000
Vulcan
Materials
Co.,
4.500%,
6/15/47
..
1,941,643
5,192,305
Sterling
Capital
Total
Return
Bond
Fund
4
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Consumer
Discretionary
Distribution
&
Retail
—
0.1%
$
3,517,000
Amazon.com,
Inc.,
2.700%,
6/3/60(b)
...
$
2,083,903
Consumer
Staples
Distribution
&
Retail
—
0.2%
3,820,000
Kraft
Heinz
Foods
Co.,
4.875%,
10/1/49
.
3,344,823
Diversified
Consumer
Services
—
0.3%
2,317,000
Duke
University,
3.299%,
10/1/46
......
1,740,562
3,898,000
Lehigh
University,
3.479%,
11/15/46
....
2,856,281
4,596,843
Diversified
REITs
—
0.6%
3,279,000
American
Tower
Trust,
3.652%,
3/23/28(b)
3,082,565
2,764,000
LXP
Industrial
Trust,
2.700%,
9/15/30
...
2,334,107
3,428,000
VICI
Properties
L.P.,
5.750%,
4/1/34
....
3,397,765
8,814,437
Diversified
Telecommunication
Services
—
0.5%
29,062
Sprint
Spectrum
Co.,
LLC/Sprint
Spectrum
Co.
II,
LLC/Sprint
Spectrum
Co.
III,
LLC,
4.738%,
3/20/25(a)
...........
28,820
4,358,000
T-Mobile
USA,
Inc.,
6.000%,
6/15/54
...
4,529,525
2,700,000
Warnermedia
Holdings,
Inc.,
4.279%,
3/15/32
.......................
2,359,975
6,918,320
Electric
Utilities
—
1.8%
2,658,000
CenterPoint
Energy
Houston
Electric,
LLC,
5.150%,
3/1/34
..................
2,642,121
2,683,000
DTE
Electric
Co.,
5.200%,
4/1/33
......
2,684,821
2,206,000
Duke
Energy
Florida,
LLC,
6.400%,
6/15/38
.......................
2,369,806
4,927,000
Duke
Energy
Progress,
LLC,
3.600%,
9/15/47
.......................
3,573,385
2,688,000
Georgia
Power
Co.,
4.950%,
5/17/33
....
2,626,153
4,336,000
Indiana
Michigan
Power
Co.,
Series
K,
4.550%,
3/15/46
.................
3,661,038
4,682,000
NextEra
Energy
Capital
Holdings,
Inc.,
2.440%,
1/15/32
.................
3,843,962
2,000,000
Southern
California
Edison
Co.,
5.750%,
4/15/54
.......................
1,967,353
2,636,000
Southern
California
Edison
Co.,
5.950%,
11/1/32
.......................
2,729,175
26,097,814
Energy
Equipment
&
Services
—
1.7%
3,568,000
Aker
BP
ASA,
3.750%,
1/15/30(a)
......
3,270,733
2,108,000
Cheniere
Corpus
Christi
Holdings,
LLC,
3.700%,
11/15/29
................
1,949,452
2,167,000
Cheniere
Energy,
Inc.,
4.625%,
10/15/28
.
2,103,017
1,936,000
Energy
Transfer
L.P.,
6.550%,
12/1/33
...
2,051,540
3,496,000
Enterprise
Products
Operating,
LLC,
5.950%,
2/1/41
..................
3,604,209
1,537,000
Hess
Corp.,
7.875%,
10/1/29(b)
........
1,720,280
2,318,000
ONEOK,
Inc.,
7.150%,
1/15/51
........
2,557,650
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Energy
Equipment
&
Services
—
(continued)
$
2,396,000
Sempra
Infrastructure
Partners
L.P.,
3.250%,
1/15/32(a)
...............
$
1,978,252
1,896,000
Targa
Resources
Corp.,
6.500%,
3/30/34
.
2,010,263
3,194,000
Transcanada
Trust,
5.600%,
(5-Year
Treasury
Constant
Maturity
plus
3.99%),
3/7/82(d)
......................
2,895,736
24,141,132
Equity
Real
Estate
Investment
Trusts
(REITS)
—
0.2%
2,961,000
Store
Capital,
LLC,
2.750%,
11/18/30
...
2,455,647
Financial
Services
—
3.7%
3,650,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
6.150%,
9/30/30
.
3,775,968
2,160,000
Apollo
Debt
Solutions
BDC,
6.900%,
4/13/29(a)
.....................
2,171,806
2,477,000
Ares
Capital
Corp.,
3.875%,
1/15/26
....
2,391,482
1,893,000
Ares
Management
Corp.,
6.375%,
11/10/28
1,972,380
3,445,000
Avolon
Holdings
Funding,
Ltd.,
5.750%,
3/1/29(a)
......................
3,427,221
2,360,000
Barings
BDC,
Inc.,
3.300%,
11/23/26
...
2,178,782
3,509,000
BlackRock,
Inc.,
1.900%,
1/28/31(b)
....
2,911,484
3,049,000
Blackstone
Private
Credit
Fund,
5.950%,
7/16/29(a)
.....................
2,987,815
2,125,000
Blue
Owl
Capital
Corp.,
3.400%,
7/15/26
.
2,002,326
3,890,000
Blue
Owl
Finance,
LLC,
4.125%,
10/7/51(a)
.....................
2,792,863
3,464,000
Citigroup,
Inc.,
3.057%,
(SOFR
plus
1.35%),
1/25/33(f)
...............
2,948,003
1,977,000
Citigroup,
Inc.,
6.174%,
(SOFR
plus
2.66%),
5/25/34(f)
...............
2,013,317
1,805,000
Jefferies
Financial
Group,
Inc.,
4.150%,
1/23/30
.......................
1,677,862
4,496,000
JPMorgan
Chase
&
Co.,
4.912%,
(SOFR
plus
2.08%),
7/25/33(f)
............
4,374,010
2,730,000
LPL
Holdings,
Inc.,
6.750%,
11/17/28
...
2,864,991
1,823,000
Mitsubishi
UFJ
Financial
Group,
Inc.,
5.422%,
(1-Year
Treasury
Constant
Maturity
plus
1.38%),
2/22/29(d)
.....
1,834,460
4,031,000
Morgan
Stanley,
3.591%,
7/22/28(d)
....
3,834,317
2,684,000
S&P
Global,
Inc.,
5.250%,
9/15/33(a)
...
2,714,646
5,242,000
UBS
Group
AG,
4.988%,
(1-Year
Treasury
Constant
Maturity
plus
2.40%),
8/5/33(a)
(d)
...........................
5,008,831
53,882,564
Gas
Utilities
—
0.9%
2,971,000
Entergy
Louisiana,
LLC,
2.350%,
6/15/32
2,416,383
3,686,000
Entergy
Louisiana,
LLC,
5.700%,
3/15/54
3,644,448
2,758,000
National
Grid
PLC,
5.809%,
6/12/33
....
2,776,289
5,830,000
Sempra,
3.800%,
2/1/38
.............
4,776,168
13,613,288
Sterling
Capital
Total
Return
Bond
Fund
5
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Ground
Transportation
—
0.2%
$
3,094,000
Burlington
Northern
Santa
Fe,
LLC,
4.950%,
9/15/41
.................
$
2,917,452
Health
Care
Equipment
&
Services
—
0.3%
2,271,000
GE
HealthCare
Technologies,
Inc.,
5.857%,
3/15/30
.......................
2,335,420
2,671,000
HCA,
Inc.,
5.500%,
6/1/33
...........
2,654,099
4,989,519
Health
Care
Providers
&
Services
—
1.2%
1,666,000
AbbVie,
Inc.,
5.050%,
3/15/34
........
1,664,594
2,569,000
Amgen,
Inc.,
5.250%,
3/2/30
..........
2,589,429
4,990,000
Bristol-Myers
Squibb
Co.,
2.550%,
11/13/50
.......................
2,937,563
2,801,000
CSL
Finance
PLC,
4.250%,
4/27/32(a)
...
2,636,241
5,020,000
CVS
Health
Corp.,
2.700%,
8/21/40
....
3,349,196
1,446,000
IQVIA,
Inc.,
6.250%,
2/1/29
..........
1,486,132
2,931,000
Pfizer
Investment
Enterprises
Pte,
Ltd.,
4.750%,
5/19/33
.................
2,861,216
17,524,371
Household
Products
—
0.2%
2,695,000
Kenvue,
Inc.,
5.000%,
3/22/30
.........
2,705,624
Industrial
—
0.1%
1,361,000
L.P.
Industrial
Trust,
6.750%,
11/15/28
...
1,412,225
Industrial
REITs
—
0.2%
2,380,000
Prologis
Targeted
U.S.
Logistics
Fund
L.P.,
5.500%,
4/1/34(a)
................
2,386,327
Insurance
—
2.8%
6,075,000
Athene
Holding,
Ltd.,
5.875%,
1/15/34
..
6,023,051
2,214,000
AXIS
Specialty
Finance,
LLC,
3.900%,
7/15/29
.......................
2,071,134
1,715,000
CNO
Financial
Group,
Inc.,
6.450%,
6/15/34
.......................
1,716,733
3,016,000
Corebridge
Financial,
Inc.,
3.900%,
4/5/32
2,706,482
2,662,000
Enstar
Group,
Ltd.,
3.100%,
9/1/31
.....
2,198,883
2,141,000
F&G
Annuities
&
Life,
Inc.,
7.400%,
1/13/28
.......................
2,212,483
2,147,000
GA
Global
Funding
Trust,
5.500%,
1/8/29(a)
......................
2,148,155
1,973,000
Global
Atlantic
Fin
Co.,
6.750%,
3/15/54(a)
.....................
1,960,422
2,074,000
KKR
Group
Finance
Co.
III,
LLC,
5.125%,
6/1/44(a)
......................
1,878,864
4,064,000
Meiji
Yasuda
Life
Insurance
Co.,
5.200%,
(5
yr.
Swap
Semi
30/360
USD
plus
4.23%),
10/20/45(a)(d)
............
4,022,541
2,770,000
Nippon
Life
Insurance
Co.,
5.950%,
(5-
Year
Treasury
Constant
Maturity
plus
2.59%),
4/16/54(a)(d)
.............
2,736,544
2,535,000
RGA
Global
Funding,
5.500%,
1/11/31(a)
2,533,225
1,793,000
Sammons
Financial
Group,
Inc.,
3.350%,
4/16/31(a)
.....................
1,490,249
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Insurance
—
(continued)
$
1,722,000
SBL
Holdings,
Inc.,
5.000%,
2/18/31(a)
..
$
1,510,899
2,806,000
SBL
Holdings,
Inc.,
5.125%,
11/13/26(a)
.
2,700,036
2,480,000
Transatlantic
Holdings,
Inc.,
8.000%,
11/30/39
.......................
3,121,098
41,030,799
IT
Services
—
0.1%
2,010,000
Fiserv,
Inc.,
5.450%,
3/15/34
..........
2,001,377
Media
—
0.5%
1,900,000
Charter
Communications
Operating,
LLC/
Charter
Communications
Operating
Capital,
6.550%,
6/1/34
............
1,905,937
4,343,000
FactSet
Research
Systems,
Inc.,
3.450%,
3/1/32
........................
3,790,677
2,132,000
Time
Warner
Cable,
LLC,
6.550%,
5/1/37
2,023,823
7,720,437
Metal
&
Glass
Containers
—
0.2%
2,617,000
Smurfit
Kappa
Treasury
ULC,
5.438%,
4/3/34(a)
......................
2,593,325
Metals
&
Mining
—
0.3%
2,453,000
Steel
Dynamics,
Inc.,
3.250%,
10/15/50
..
1,625,247
2,088,000
Steel
Dynamics,
Inc.,
5.375%,
8/15/34
...
2,055,046
3,680,293
Multi-Utilities
—
0.6%
3,070,000
CMS
Energy
Corp.,
4.700%,
3/31/43
....
2,651,524
3,778,000
Newmont
Corp.,
2.800%,
10/1/29
......
3,393,667
3,916,000
Puget
Sound
Energy,
Inc.,
4.223%,
6/15/48
3,121,870
9,167,061
Office
—
0.2%
3,420,000
Alexandria
Real
Estate
Equities,
Inc.,
5.625%,
5/15/54
.................
3,221,557
Oil,
Gas
&
Consumable
Fuels
—
1.2%
2,583,000
Apache
Corp.,
5.100%,
9/1/40
.........
2,212,225
2,484,000
Diamondback
Energy,
Inc.,
5.400%,
4/18/34
.......................
2,462,300
2,018,000
Halliburton
Co.,
4.850%,
11/15/35
.....
1,922,497
2,605,000
Ovintiv,
Inc.,
6.250%,
7/15/33
.........
2,690,219
3,409,000
Pioneer
Natural
Resources
Co.,
1.900%,
8/15/30
.......................
2,857,202
2,368,000
Schlumberger
Investment
SA,
2.650%,
6/26/30
.......................
2,086,018
2,633,000
TotalEnergies
Capital
SA,
5.488%,
4/5/54
2,609,360
16,839,821
Pharmaceuticals
—
0.1%
2,275,000
SC
Johnson
&
Son,
Inc.,
4.750%,
10/15/46(a)
.....................
1,964,514
Residential
REITs
—
0.2%
1,870,000
Invitation
Homes
Operating
Partnership
L.P.,
4.150%,
4/15/32
.............
1,709,002
Sterling
Capital
Total
Return
Bond
Fund
6
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Residential
REITs
—
(continued)
$
2,254,000
Tanger
Properties
L.P.,
2.750%,
9/1/31
...
$
1,839,563
3,548,565
Retail
REITs
—
0.4%
1,670,000
Kimco
Realty
OP,
LLC,
6.400%,
3/1/34
..
1,769,044
1,106,000
Phillips
Edison
Grocery
Center
Operating
Partnership
I
L.P.,
5.750%,
7/15/34
....
1,094,307
2,480,000
Retail
Opportunity
Investments
Partnership
L.P.,
6.750%,
10/15/28
............
2,568,290
5,431,641
Semiconductors
&
Semiconductor
Equipment
—
1.1%
3,093,000
Broadcom,
Inc.,
4.926%,
5/15/37(a)
.....
2,916,221
2,059,000
KLA
Corp.,
4.700%,
2/1/34
..........
2,004,760
2,980,000
Marvell
Technology,
Inc.,
2.950%,
4/15/31
2,574,759
1,527,000
Marvell
Technology,
Inc.,
5.950%,
9/15/33
1,580,015
1,515,000
Microchip
Technology,
Inc.,
5.050%,
3/15/29
.......................
1,503,608
2,613,000
NVIDIA
Corp.,
2.850%,
4/1/30
........
2,371,206
3,460,000
NXP
BV
/
NXP
Funding,
LLC/NXP
USA,
Inc.,
5.000%,
1/15/33
.............
3,380,819
16,331,388
Software
—
0.7%
2,028,000
Concentrix
Corp.,
6.850%,
8/2/33
......
2,017,401
2,772,000
Dell
International,
LLC/EMC
Corp.,
5.400%,
4/15/34
.................
2,748,512
2,815,000
Oracle
Corp.,
4.900%,
2/6/33
.........
2,737,180
2,653,000
Take-Two
Interactive
Software,
Inc.,
5.000%,
3/28/26
.................
2,635,407
10,138,500
Specialty
Retail
—
0.3%
3,160,000
ERAC
USA
Finance,
LLC,
4.200%,
11/1/46(a)
.....................
2,590,582
1,909,000
Home
Depot,
Inc.
(The),
4.950%,
6/25/34
1,893,386
4,483,968
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
2,145,000
Gartner,
Inc.,
4.500%,
7/1/28(a)
.......
2,067,327
Telecommunication
Services
—
0.7%
1,344,000
AT&T,
Inc.,
3.500%,
6/1/41
..........
1,031,955
3,783,000
AT&T,
Inc.,
3.550%,
9/15/55(b)
.......
2,565,290
2,900,000
AT&T,
Inc.,
3.850%,
6/1/60(b)
........
2,034,743
2,611,000
Sprint
Capital
Corp.,
8.750%,
3/15/32
...
3,142,482
2,327,000
Verizon
Communications,
Inc.,
2.650%,
11/20/40
.......................
1,609,027
10,383,497
Thrifts
&
Mortgage
Finance
—
0.2%
2,094,000
Radian
Group,
Inc.,
6.200%,
5/15/29
....
2,113,954
Tobacco
—
0.4%
1,823,000
BAT
Capital
Corp.,
6.421%,
8/2/33
.....
1,909,582
Principal
Amount
Fair
Value
CORPORATE
BONDS
—
(continued)
Tobacco
—
(continued)
$
3,343,000
Philip
Morris
International,
Inc.,
5.625%,
9/7/33
........................
$
3,377,805
5,287,387
Total
Corporate
Bonds
(Cost
$441,073,470)
..............
427,264,042
MORTGAGE-BACKED
SECURITIES
—
27.1%
Fannie
Mae
—
15.1%
3,267
5.000%,
9/1/25,
Pool
#255892
.........
3,243
866,363
4.000%,
12/1/33,
Pool
#MA1689
.......
838,483
510,734
4.000%,
6/1/34,
Pool
#MA1922
........
493,009
475,034
4.000%,
3/1/35,
Pool
#MA2211
........
457,717
208,461
5.500%,
8/1/37,
Pool
#995082
.........
209,473
2,286,013
3.500%,
8/1/38,
Pool
#FM2472
........
2,148,509
82,522
4.500%,
10/1/39,
Pool
#AC2645
.......
79,821
88,650
5.000%,
6/1/40,
Pool
#AD4927
........
87,811
88,017
5.000%,
6/1/40,
Pool
#AD8718
........
87,174
5,363,739
4.000%,
8/1/40,
Pool
#FM4673
........
5,163,285
11,327,756
1.500%,
12/1/40,
Pool
#MA4202
.......
9,205,721
174,073
4.500%,
12/1/40,
Pool
#AH1100
.......
169,364
110,606
4.500%,
3/1/41,
Pool
#AB2467
........
107,613
184,158
4.500%,
5/1/41,
Pool
#AI1023
.........
177,945
136,479
4.500%,
11/1/41,
Pool
#AJ4994
........
132,786
161,215
4.500%,
12/1/41,
Pool
#AJ7696
........
156,853
398,976
3.500%,
6/1/42,
Pool
#AB5373
........
364,152
695,381
3.500%,
5/1/43,
Pool
#AL3605
........
627,782
347,293
3.500%,
5/1/43,
Pool
#AB9368
........
315,903
8,283,942
3.000%,
8/1/43,
Pool
#AL9500
........
7,321,361
918,501
3.500%,
8/1/43,
Pool
#AU0613
........
836,569
189,239
4.500%,
11/1/44,
Pool
#MA2100
.......
183,183
554,784
4.500%,
1/1/45,
Pool
#MA2158
........
537,028
671,666
4.000%,
3/1/45,
Pool
#MA2217(b)
.....
630,009
607,229
4.000%,
6/1/46,
Pool
#MA2653
........
569,410
550,753
4.500%,
7/1/46,
Pool
#AS7568
........
532,621
755,081
4.000%,
11/1/46,
Pool
#MA2808
.......
707,741
1,013,380
4.000%,
5/1/47,
Pool
#BE9598
........
947,095
1,206,006
4.000%,
8/1/47,
Pool
#BH5117
........
1,128,204
3,112,787
4.000%,
4/1/48,
Pool
#BM3900
........
2,904,285
1,169,561
5.000%,
8/1/48,
Pool
#CA2219
........
1,154,570
2,898,190
3.000%,
11/1/48,
Pool
#BM5822
.......
2,534,985
9,755,200
4.500%,
11/1/48,
Pool
#BM7046
.......
9,442,856
4,065,140
3.500%,
10/1/49,
Pool
#CA4431
.......
3,646,194
10,088,400
3.000%,
3/1/50,
Pool
#FM2870
........
8,764,251
5,828,921
3.000%,
3/1/50,
Pool
#FM2714
........
5,036,682
6,700,273
2.000%,
7/1/50,
Pool
#CA6301
........
5,326,237
8,360,111
2.500%,
9/1/50,
Pool
#BQ0538
........
6,907,770
3,512,427
3.000%,
10/1/50,
Pool
#CA7381
.......
3,025,953
4,273,450
3.000%,
11/1/51,
Pool
#CB2170
.......
3,649,252
14,318,295
3.500%,
4/1/52,
Pool
#FS1475
........
12,823,520
11,094,910
3.500%,
4/1/52,
Pool
#FS1185
........
9,854,553
1,774,615
4.000%,
5/1/52,
Pool
#FS1790
........
1,626,934
8,707,771
4.500%,
6/1/52,
Pool
#FS2157
........
8,316,055
6,493,735
4.500%,
11/1/52,
Pool
#FS3809
........
6,141,668
Sterling
Capital
Total
Return
Bond
Fund
7
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Fannie
Mae
—
(continued)
$
6,501,024
5.000%,
11/1/52,
Pool
#CB5278
.......
$
6,300,380
7,283,339
5.500%,
3/1/53,
Pool
#FS3925
........
7,240,057
7,482,505
4.500%,
5/1/53,
Pool
#CB6304
........
7,076,801
16,273,396
5.000%,
5/1/53,
Pool
#FS4929
........
15,981,713
9,161,630
5.500%,
5/1/53,
Pool
#FS4571
........
9,073,688
9,884,505
6.000%,
6/1/53,
Pool
#FS6616
........
9,951,694
12,421,095
5.500%,
7/1/53,
Pool
#FS5589
........
12,304,239
6,651,905
6.000%,
7/1/53,
Pool
#FS5233
........
6,704,868
19,903,692
6.000%,
9/1/53,
Pool
#CB7124
........
20,214,293
220,223,363
Freddie
Mac
—
11.6%
4,086
5.000%,
7/1/25,
Pool
#ZA1892
........
4,046
48,876
2.500%,
1/1/28,
Pool
#ZK4918
........
46,946
183,329
3.500%,
7/1/30,
Pool
#ZS8575
........
177,032
26,540
5.000%,
3/1/36,
Pool
#ZS4230
........
26,251
862,217
4.000%,
4/1/36,
Pool
#ZA2413
........
831,321
1,101,127
3.500%,
6/1/36,
Pool
#ZA2414(b)
......
1,039,219
7,789
5.000%,
7/1/36,
Pool
#ZS1139
........
7,714
641,258
3.500%,
8/1/36,
Pool
#ZA2425
........
603,238
84,552
6.500%,
9/1/36,
Pool
#ZS4257
........
87,221
1,631,133
3.500%,
11/1/36,
Pool
#ZA2439
.......
1,536,429
34,950
5.000%,
2/1/37,
Pool
#ZI5759
.........
34,640
1,270,478
4.000%,
5/1/37,
Pool
#ZA2461
........
1,220,208
30,712
4.500%,
10/1/39,
Pool
#ZI9349
........
29,708
4,260,907
3.000%,
5/1/40,
Pool
#RB5049
........
3,825,336
95,680
5.000%,
6/1/40,
Pool
#ZA1049
........
94,774
233,000
5.000%,
7/1/40,
Pool
#ZJ0194
.........
230,698
27,581
5.000%,
9/1/40,
Pool
#ZA1066
........
27,303
5,757,520
2.000%,
12/1/40,
Pool
#RB5090
.......
4,851,733
347,354
4.000%,
12/1/42,
Pool
#ZS3671
.......
326,270
263,135
3.500%,
5/1/43,
Pool
#ZL5915
........
239,504
140,294
4.000%,
5/1/44,
Pool
#ZA4468
........
131,614
69,990
4.000%,
7/1/44,
Pool
#ZS4573
........
65,678
124,320
4.000%,
9/1/44,
Pool
#ZL8439
........
116,350
1,520,557
3.500%,
1/1/45,
Pool
#ZL8964
........
1,381,341
1,395,596
3.500%,
5/1/46,
Pool
#ZS4663
........
1,265,640
394,636
4.000%,
8/1/46,
Pool
#ZS4673
........
369,935
950,011
3.500%,
9/1/46,
Pool
#ZS4678
........
864,969
2,126,003
3.500%,
9/1/47,
Pool
#ZM4305
........
1,922,605
595,065
3.500%,
1/1/48,
Pool
#ZM5375
........
538,882
516,403
4.000%,
2/1/48,
Pool
#ZT1639
........
483,273
479,888
4.000%,
6/1/48,
Pool
#ZT0541
........
448,754
5,538,322
2.500%,
11/1/49,
Pool
#QA4396
.......
4,584,433
2,441,394
3.000%,
11/1/49,
Pool
#QA4336
.......
2,114,576
2,140,831
3.500%,
6/1/50,
Pool
#RA2794
........
1,921,560
8,857,214
2.500%,
7/1/50,
Pool
#RA2970
........
7,311,322
218,206
3.000%,
1/1/51,
Pool
#SD8123
........
187,035
1,218,358
3.000%,
12/1/51,
Pool
#SD8184
.......
1,040,006
4,952,153
3.500%,
4/1/52,
Pool
#RA7191
........
4,421,960
9,595,176
4.000%,
5/1/52,
Pool
#RA7306
........
8,854,624
11,444,862
3.500%,
6/1/52,
Pool
#SD2670
........
10,250,254
10,230,558
4.000%,
8/1/52,
Pool
#SD3617
........
9,526,678
9,392,353
4.500%,
8/1/52,
Pool
#SD1515
........
8,883,073
9,539,960
5.000%,
9/1/52,
Pool
#RA7936
........
9,254,307
Principal
Amount
Fair
Value
MORTGAGE-BACKED
SECURITIES
—
(continued)
Freddie
Mac
—
(continued)
$
8,837,807
5.000%,
10/1/52,
Pool
#SD1710
.......
$
8,598,318
8,965,779
5.500%,
2/1/53,
Pool
#QF8052
........
8,874,705
11,462,444
4.000%,
3/1/53,
Pool
#SD3107
........
10,577,122
3,039,963
5.000%,
3/1/53,
Pool
#SD2390
........
2,956,900
16,047,780
5.500%,
3/1/53,
Pool
#SD2774
........
15,893,737
5,628,946
6.000%,
5/1/53,
Pool
#SD3072
........
5,667,182
9,802,220
5.000%,
8/1/53,
Pool
#SD3814
........
9,503,306
3,639,373
6.000%,
8/1/53,
Pool
#SD3636
........
3,668,336
1,667,353
5.000%,
9/1/53,
Pool
#SD4220
........
1,617,758
11,399,593
6.000%,
10/1/53,
Pool
#SD4222
.......
11,490,358
170,026,182
Ginnie
Mae
—
0.4%
47,555
5.000%,
2/15/40,
Pool
#737037
........
47,348
6,175,083
4.000%,
7/20/52,
Pool
#786280
........
5,733,101
5,780,449
Total
Mortgage-Backed
Securities
(Cost
$420,583,054)
..............
396,029,994
MUNICIPAL
BONDS
—
1.0%
Alabama
—
0.1%
2,675,000
Alabama
Economic
Settlement
Authority,
Economic
Imports,
Taxable
BP
-
Settlement
Revenue,
Series
B,
4.263%,
9/15/32(b)
.....................
2,572,227
California
—
0.1%
1,145,000
State
of
California,
Build
America
Bonds,
School
Improvements
G.O.,
7.625%,
3/1/40(b)
......................
1,357,649
New
York
—
0.8%
345,000
Metropolitan
Transportation
Authority,
Taxable
Revenue
Revenue
Bonds,
Series
C2,
5.175%,
11/15/49
.............
311,176
7,130,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Taxable
Revenue,
Sub
Series
B3,
Callable
11/1/29
@
100,
3.000%,
11/1/33
.....
6,032,978
5,000,000
New
York,
NY,
Public
Improvements
G.O.,
Series
B-2,
5.675%,
10/1/33
.........
5,263,450
11,607,604
Total
Municipal
Bonds
(Cost
$16,456,678)
...............
15,537,480
U.S.
GOVERNMENT
AGENCIES
—
0.6%
Federal
Farm
Credit
Banks
Funding
Corp.
—
0.6%
4,769,000
4.125%,
12/15/32
..................
4,612,793
Sterling
Capital
Total
Return
Bond
Fund
8
Schedule
of
Portfolio
Investments
—
(continued)
June
30,
2024
(Unaudited)
Continued
Principal
Amount
Fair
Value
U.S.
GOVERNMENT
AGENCIES
—
(continued)
Federal
Farm
Credit
Banks
Funding
Corp.
—
(continued)
$
5,325,000
2.400%,
3/24/36
...................
$
4,138,044
8,750,837
Total
U.S.
Government
Agencies
(Cost
$9,046,948)
................
8,750,837
U.S.
TREASURY
BONDS
—
7.1%
132,943,700
2.500%,
2/15/45
.................
95,309,208
15,628,900
1.375%,
8/15/50
.................
8,059,262
Total
U.S.
Treasury
Bonds
(Cost
$101,722,897)
..............
103,368,470
U.S.
TREASURY
NOTES
—
8.5%
93,256,500
4.125%,
11/15/32(b)
..............
91,839,438
33,035,300
4.000%,
2/15/34
.................
32,137,153
Total
U.S.
Treasury
Notes
(Cost
$121,874,711)
..............
123,976,591
Shares
MONEY
MARKET
FUND
—
0.9%
13,512,773
Federated
Treasury
Obligations
Fund,
Institutional
Shares,
5.17%(g)
.......
13,512,773
Total
Money
Market
Fund
(Cost
$13,512,773)
...............
13,512,773
Total
Investments
—
100.5%
(Cost
$1,520,634,952)
..........................
1,470,148,473
Net
Other
Assets
(Liabilities)
—
(0.5)%
..............
(7,060,587)
NET
ASSETS
—
100.0%
.......................
$
1,463,087,886
(a)
Rule
144A,
Section
4(a)(2)
or
other
security
that
is
restricted
as
to
resale
to
qualified
institutional
investors.
The
Advisor,
using
Board
approved
procedures,
has
deemed
these
securities
or
a
portion
of
these
securities
to
be
liquid.
(b)
Represents
that
all
or
a
portion
of
the
security
was
pledged
as
collateral
for
securities
purchased
on
a
when-issued
basis.
(c)
The
interest
rate
for
this
floating
rate
note,
which
will
change
periodically,
is
based
either
on
the
prime
rate
or
an
index
of
market
rates.
The
reflected
rate
is
in
effect
as
of
June
30,
2024.
The
maturity
date
reflected
is
the
final
maturity
date.
(d)
The
interest
rate
for
this
variable
rate
note,
which
will
change
periodically,
is
based
either
on
the
prime
rate
or
an
index
of
market
rates.
The
reflected
rate
is
in
effect
as
of
June
30,
2024.
The
maturity
date
reflected
is
the
final
maturity
date.
(e)
Represents
securities
purchased
on
a
when-issued
basis.
At
June
30,
2024,
total
cost
of
investments
purchased
on
a
when-issued
basis
was
$14,246,917.
(f)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Rate
shown
is
the
fixed
rate.
(g)
Represents
the
current
yield
as
of
report
date.
GMTN
Global
Medium
Term
Note
G.O.
General
Obligation
MTN
Medium
Term
Note
STEP
Step
Coupon
Bond
9
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Total
Return
Bond
Fund
June
30,
2024
(Unaudited)
1.
Organization:
Sterling
Capital
Funds
(the
“Trust”)
commenced
operations
on
October
5,
1992
and
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(“the
1940
Act”),
as
an
open-end
investment
company
established
as
a
Massachusetts
business
trust.
The
Trust
offers
shares
of
Sterling
Capital
Total
Return
Bond
Fund
(referred
to
as
a
“Fund”).
The
Fund
is
a
“diversified”
fund
as
defined
in
the
1940
Act.
2.
Significant
Accounting
Policies:
The
Fund
is
an
investment
company
and
accordingly
follows
the
investment
company
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standard
Codification
Topic
946
Financial
Services-
Investment
Companies.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund.
The
policies
are
in
conformity
with
United
States
generally
accepted
accounting
principles
(“U.S.
GAAP”).
The
preparation
of
this
schedule
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
schedule
and
the
reported
amount
of
income
and
expense
for
the
reporting
period.
Actual
result
could
differ
from
those
estimates.
Securities
Valuation
—
Investments
of
the
Fund
in
securities
traded
on
a
national
securities
exchange
or
in
the
over-the-
counter
market
are
valued
at
the
closing
price
on
the
principal
exchange
or
market
(including
the
NASDAQ
Closing
Price
for
securities
traded
on
NASDAQ),
typically
4:00
PM
ET
or,
absent
such
a
price,
by
reference
to
the
latest
available
bid
prices
in
the
principal
market
in
which
such
securities
are
normally
traded.
The
Fund
may
also
use
an
independent
pricing
service
approved
by
the
Board
of
Trustees
(the
“Board”)
to
value
certain
securities,
including
the
use
of
electronic
and
matrix
techniques.
Investments
in
open-end
investment
companies
are
valued
at
their
respective
net
asset
values
as
reported
by
such
companies.
Investments
in
closed-end
investment
companies
and
exchange-traded
funds
are
valued
at
their
market
values
based
upon
the
latest
available
sale
price
or,
absent
such
a
price,
by
reference
to
the
latest
available
bid
prices
in
the
principal
market
in
which
such
securities
are
normally
traded.
The
differences
between
cost
and
fair
value
of
investments
are
reflected
as
either
unrealized
appreciation
or
depreciation.
Securities
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable
(e.g.,
an
approved
pricing
service
does
not
provide
a
price,
a
furnished
price
is
in
error,
certain
stale
prices,
or
an
event
occurs
that
materially
affects
the
furnished
price)
will
be
fair
valued
in
accordance
with
procedures
established
in
good
faith
under
the
general
supervision
of
the
Board.
Fair
Value
Measurements
—
The
objective
of
a
fair
value
measurement
is
to
determine
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(an
exit
price).
Accordingly,
the
fair
value
hierarchy
gives
the
highest
priority
to
quoted
prices
(unadjusted)
in
active
markets
for
identical
assets
or
liabilities
(Level
1)
and
the
lowest
priority
to
unobservable
inputs
(Level
3).
The
three
levels
of
the
fair
value
hierarchy
are
described
as
follows:
Level
1
–
quoted
prices
in
active
markets
for
identical
securities
Level
2
–
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
–
based
on
significant
unobservable
inputs
(including
a
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
During
the
period
ended
June
30,
2024
,
there
were
no
significant
changes
to
the
valuation
policies
and
procedures.
10
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Total
Return
Bond
Fund
—
(continued)
June
30,
2024
(Unaudited)
The
summary
of
inputs
used
to
determine
the
fair
value
of
the
Fund’s
investments
as
of
June
30,
2024
is
as
follows:
Cash
and
Cash
Equivalents
—
The
Fund
considers
liquid
assets
deposited
with
a
bank,
and
certain
short
term
debt
instruments
with
original
maturities
of
three
months
or
less
to
be
cash
equivalents.
These
investments
represent
amounts
held
with
financial
institutions
that
are
readily
accessible
to
pay
Fund
expenses
or
investments.
The
Fund
may
invest
its
excess
cash
in
the
Federated
Treasury
Obligations
Fund
or
a
similar
money
market
fund
or
other
short-term
investment.
Credit
Enhancements
—
Certain
obligations
held
in
the
Fund
have
credit
enhancement
or
liquidity
features
that
may,
under
certain
circumstances,
provide
for
repayment
of
principal
and
interest
on
the
obligation
upon
demand
date,
interest
rate
reset
date
or
final
maturity.
These
enhancements
may
include:
letters
of
credit;
liquidity
guarantees;
security
purchase
agreements;
tender
option
purchase
agreements;
and
third
party
insurance
(i.e.,
AMBAC).
Foreign
Currency
Translation
—
The
accounting
records
of
the
Fund
are
maintained
in
U.S.
dollars.
Foreign
currency
amounts
are
translated
into
U.S.
dollars
at
the
latest
foreign
exchange
bid
quotation
(from
an
approved
pricing
vendor)
to
determine
the
fair
value
of
investments,
assets
and
liabilities.
Purchases
and
sales
of
securities,
income
and
expenses
are
translated
at
the
prevailing
rate
of
exchange,
on
the
respective
dates
of
such
transactions.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
from
investments
and
foreign
currencies.
Forward
Foreign
Currency
Exchange
Contracts
—
The
Fund
may
enter
into
forward
foreign
currency
exchange
contracts
(foreign
currency
exchange
risk)
in
connection
with
planned
purchases
or
sales
of
securities
or
to
hedge
the
U.S.
dollar
value
of
Funds
securities
denominated
in
a
particular
currency.
A
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
future
date.
The
Fund
can
be
exposed
to
risks
if
the
counterparties
to
the
contracts
are
unable
to
meet
the
terms
of
their
contracts
and
from
unanticipated
movements
in
the
value
of
a
foreign
currency
relative
to
the
U.S.
dollar.
In
the
event
of
default
by
the
counterparty
to
the
transaction,
the
Fund’s
maximum
amount
of
loss,
as
either
the
buyer
or
seller,
is
the
unrealized
gain
of
the
contract.
The
forward
foreign
currency
exchange
contracts
are
adjusted
by
the
daily
exchange
rate
of
the
underlying
currency
and
any
gains
or
losses
are
recorded
for
purposes
of
this
schedule
as
unrealized
gains
or
losses
until
the
contract
settlement
date.
When
the
contract
is
closed,
the
Fund
records
a
realized
gain
(loss)
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Mortgage
Dollar
Rolls
—
The
Fund
may
sell
mortgage-backed
securities
for
delivery
in
the
current
month
and
simultaneously
contract
to
repurchase
substantially
similar
(same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed-upon
price.
The
market
value
of
the
securities
that
a
Fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
Pools
of
mortgages
collateralizing
those
securities
may
have
different
prepayment
histories
than
those
sold.
During
the
period
between
the
sale
and
repurchase,
a
Fund
will
not
be
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Proceeds
of
the
sale
will
be
invested
in
additional
instruments
for
a
Fund,
and
the
income
from
these
investments
will
generate
income
for
a
Fund.
If
such
income
does
not
exceed
the
income,
capital
appreciation
and
gain
or
loss
that
would
have
been
realized
on
the
securities
sold
as
part
of
the
dollar
roll,
the
use
of
this
technique
will
diminish
the
investment
performance
of
a
Fund
compared
with
what
the
performance
would
have
been
without
the
use
of
dollar
rolls.
The
Fund
accounts
for
mortgage
dollar
roll
transactions
as
purchases
and
sales.
The
Fund
did
not
hold
any
mortgage
dollar
rolls
during
the
period.
Risks
Associated
with
Foreign
Securities
and
Currencies
—
Investments
in
securities
of
foreign
issuers
carry
certain
risks
not
ordinarily
associated
with
investments
in
securities
of
domestic
issuers.
Such
risks
include
future
political
and
economic
developments
and
the
possible
imposition
of
exchange
controls
or
other
foreign
governmental
laws
and
restrictions.
In
Level
1-
Quoted
Prices
Level
2-
Other
Significant
Observable
Inputs
Level
3-
Significant
Unobservable
Inputs
Total
Assets:
Investments
in
Securities
Sterling
Capital
Total
Return
Bond
Fund
...............
$
13,512,773(a)
$
1,456,635,700(b)
$
—
$
1,470,148,473
(a)
Represents
money
market
funds
and/or
certain
preferred
stocks.
(b)
Industries,
countries
or
security
types
are
disclosed
in
the
Schedule
of
Portfolio
Investments.
11
Sterling
Capital
Funds
Notes
to
Schedule
of
Portfolio
Investments
-
Sterling
Capital
Total
Return
Bond
Fund
—
(continued)
June
30,
2024
(Unaudited)
addition,
with
respect
to
certain
countries,
there
is
the
possibility
of
expropriation
of
assets,
confiscatory
taxation,
political
or
social
instability
or
diplomatic
developments
which
could
adversely
affect
investments
in
those
countries.
Certain
foreign
investments
may
also
be
subject
to
foreign
withholding
taxes.
When-Issued
—
The
Fund
may
purchase
securities
on
a
“when-issued”
basis.
The
Fund
records
when-issued
securities
on
the
trade
date
and
pledge
assets
with
a
value
at
least
equal
to
the
purchase
commitment
for
payment
of
the
securities
purchased.
The
value
of
the
securities
underlying
when-issued
or
forward
commitments
to
purchase
securities,
and
any
subsequent
fluctuation
in
their
value,
is
taken
into
account
when
determining
the
net
asset
value
of
the
Fund
commencing
with
the
date
the
Fund
agrees
to
purchase
the
securities.
The
Fund
does
not
accrue
interest
or
dividends
on
“when-issued”
securities
until
the
underlying
securities
are
received.